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Mynaric AG (NASDAQ: MYNA; FRA: M0YN) is a pioneering leader in the field of laser communications, specializing in the design and manufacture of industrialized, scalable, and cost-effective optical communications terminals. The company plays a significant role in advancing the industrial revolution of laser communications, providing solutions for air, space, and mobile applications.
Mynaric operates through two primary segments: Air and Space. The Space segment features the CONDOR terminals, while the Air segment includes the HAWK terminals. The company's comprehensive product portfolio encompasses Optical ground stations, Air-to-ground terminals, Air-to-air terminals, Space terminals, and Custom products and subcomponents. These products are vital for high-altitude networks, remote observation, satellite constellations, and earth observation satellites.
Headquartered in Munich, Germany, with additional offices in Los Angeles, California, and Washington, D.C., Mynaric's key revenue is derived from the United States. Recently, Mynaric has secured several high-profile contracts. On November 29, 2023, the company signed a definitive agreement for an additional order valued at approximately $30 million from an undisclosed US-based customer. This contract involves the delivery of the CONDOR Mk3 optical communication terminals starting in mid-2024.
Further, on December 13, 2023, Mynaric entered into an agreement with Northrop Grumman for the delivery of optical communication terminals under the U.S. Government's Space Development Agency Tranche 2 Transport Layer-Alpha space vehicles program. This contract is valued at around $33 million, with product deliveries scheduled to begin in 2024 and continue until 2026.
Mynaric also reported strong performance indicators for the year ending December 31, 2023, with a substantial backlog in optical communications terminals primarily for government-funded satellite constellations. This backlog, resulting from robust order momentum in late 2023, will significantly impact revenue and cash flow visibility from early 2024 to 2026.
Moreover, on January 16, 2024, Mynaric was selected as a key development partner for Phase 2 of DARPA's Space-based adaptive communications node (Space-BACN) program, which aims to create scalable and reconfigurable optical communications terminals for various satellite constellations. This follows Mynaric's involvement in Phase 0 in December 2021 and Phase 1 in August 2022.
Mynaric has also announced an amendment to its existing US$75 million loan agreement, increasing the borrowing capacity by US$20 million, providing additional liquidity to support the company's working capital requirements and other corporate purposes.
As of March 30, 2024, Mynaric shipped the first flight model CONDOR Mk3 optical head, marking the start of serial production for these terminals. This milestone aligns with the company's mission to deliver mass-deployable free space optical communications systems at scale.
In the latest development, as of May 7, 2024, Mynaric has been selected by Rocket Lab USA, Inc. to supply free space optical terminals for the SDA's Tranche 2 Transport Layer (T2TL) - Beta program. This $15 million order will see deliveries commencing in 2025.
Mynaric's innovative solutions and continued success in securing key contracts underscore its pivotal role in the evolving landscape of laser communications. For more information, visit mynaric.com.
Mynaric (NASDAQ:MYNA) has received a delisting notification from Nasdaq dated February 10, 2025, following the company's initiation of restructuring proceedings under the German Corporate Stabilization and Restructuring Act. Trading of Mynaric's American Depositary Shares (ADS) will be suspended on February 18, 2025.
The delisting comes after multiple compliance failures, including: failure to maintain a minimum market value of $50 million, not filing required quarterly financial statements, failing to hold an annual shareholders meeting, and not meeting the minimum closing bid price requirement of $1.00 per share. The company has the right to appeal Nasdaq's determination but has indicated it will not pursue this option.
Mynaric AG (NASDAQ:MYNA) has secured additional financing and initiated restructuring proceedings. The company obtained a new USD 28 million bridge loan from PIMCO-affiliated lenders, extended three existing bridge loans totaling USD 21.5 million to June 30, 2025, and agreed to a USD 25 million restructuring loan.
The company has initiated proceedings under the German Corporate Stabilization and Restructuring Act (StaRUG). Under the draft restructuring plan, existing term loans of USD 95 million and bridge loans of USD 21.5 million will be waived. The plan includes a capital reduction to zero followed by a capital increase, with only PIMCO's SPV eligible to subscribe for new shares. This may result in existing shareholders losing their entire investment and Mynaric's delisting. The proceedings are expected to conclude in Q2/2025.
Without these measures, Mynaric would face immediate insolvency in February 2025 due to illiquidity and over-indebtedness.
Mynaric AG (NASDAQ:MYNA) has announced the extension of three existing bridge loans totaling USD 21.5 million from January 31, 2025 to February 7, 2025. The company, which currently holds EUR 8.4 million in cash and cash equivalents, is in advanced discussions for a fourth bridge loan and a separate restructuring loan.
The company expects to apply for StaRUG proceedings (German Corporate Stabilization and Restructuring Act) with the Munich local court in the coming days. The restructuring plan may involve reducing the company's share capital to zero followed by a capital increase excluding statutory subscription rights, potentially resulting in shareholders losing their entire investment.
The bridge loans can be terminated early if an independent German restructuring expert determines the company is unlikely to be restructured successfully. The company maintains its December 2024 provision for contingent liabilities from guarantee obligations. Currently, no other financing opportunities are available or in sight.
Mynaric (NASDAQ:MYNA) has received multiple deficiency notices from Nasdaq regarding listing compliance issues. The company faces four main challenges: (1) failure to maintain a minimum $1.00 closing bid price for its ADSs over 30 consecutive business days, (2) failure to maintain a $50 million minimum market value of listed securities, (3) failure to file required interim financial statements, and (4) failure to hold an annual shareholder meeting within the required timeframe.
The company has until July 22, 2025 to regain compliance with the minimum bid price requirement. If unsuccessful, Mynaric may be eligible for an additional 180-day grace period if it meets certain conditions. The company plans to hold its 2023 annual general meeting on February 21, 2025. However, there is no guarantee that Mynaric will successfully address these compliance issues, and failure to do so could result in delisting from Nasdaq.
Mynaric (NASDAQ:MYNA) has received multiple deficiency notices from Nasdaq regarding listing compliance issues. The company received two notification letters: one on January 9, 2025, for failing to file required interim financial statements, and another on January 13, 2025, for not holding an annual shareholders meeting within the required timeframe.
While these notifications don't immediately affect Mynaric's trading status on Nasdaq, the company must submit compliance plans within 60 days for the financial reporting issue and 45 days for the annual meeting requirement. If accepted, Nasdaq may grant extensions until June 30, 2025. Additionally, Mynaric was previously notified of non-compliance with the minimum market value requirement of $50 million.
The company is currently reviewing options to address these compliance issues. If Mynaric fails to meet these requirements or their compliance plans are not accepted, their ADSs could face delisting from Nasdaq.
Mynaric (NASDAQ:MYNA) has revised its full-year 2024 guidance, lowering two key performance metrics. The company now expects IFRS-15 revenue of EUR 14.1 million, down from the previous estimate of EUR 16.0-24.0 million. This reduction is primarily due to delayed shipments of CONDOR Mk3 terminals worth EUR 2.6 million, pushed to early 2025 because of supplier component shortages.
The company maintains its previous guidance for operating loss (EUR 55.0-50.0 million loss) and Cash-In from Customer Contracts (EUR 45.0-50.0 million). However, the optical communications terminal backlog forecast for December 31, 2024, has been reduced to 787 terminal units, down from the previous estimate of 800-1,000 units, due to contract timing shifts from 2024 to 2025.
Mynaric AG (NASDAQ:MYNA) has secured an additional USD 5.0 million bridge loan from U.S.-based lenders, supplementing previous loans of USD 95 million and USD 16.5 million from October and November 2024. The new bridge loan, maturing on January 31, 2025, carries interest at Term SOFR (3-month) plus 10% margin. The company's cash position stands at EUR 8.9 million as of December 20, 2024.
The loan availability depends on proving the company's ability to meet obligations. Mynaric remains in negotiations for additional capital, contingent on initiating financial reorganization under German StaRUG law. If StaRUG proceedings open, shareholders risk losing part or all of their investment. Without StaRUG proceedings, the company lacks alternative financing options.
Mynaric AG (NASDAQ:MYNA) has received notice from its German restructuring expert indicating future capital requirements. The company is negotiating with its primary lender to extend $16.5 million in bridge loans due December 30, 2024, and secure additional funding for production and operations.
The lender's support is conditional on initiating financial reorganization under the German StaRUG act. Management believes it's likely they will agree on additional funding and apply for StaRUG proceedings, which could result in shareholders losing part or all of their investment. The company must make provisions for contingent liabilities for all outstanding loans, leading to full consumption of share capital.
Due to these developments, Mynaric has postponed its December 11, 2024 annual general meeting and will convene an extraordinary general meeting.
Mynaric AG (NASDAQ:MYNA) has secured an additional USD 11 million bridge loan from U.S.-based lenders, supplementing their existing USD 95 million loan and October's USD 5.5 million bridge loan. The new loan matures on December 30, 2024, with SOFR-based interest rates. Additionally, Mynaric expects to sign a production increase incentive agreement worth up to USD 9 million with an undisclosed customer, including an initial payment of USD 4.3 million. The company currently holds EUR 3.8 million in cash and continues seeking additional funding for operational needs.
Mynaric AG (NASDAQ:MYNA) has secured a USD 5.5 million bridge loan through an amendment to its existing USD 95 million loan agreement with U.S.-based lenders. The bridge loan, set to mature on November 24, 2024, will bear interest at SOFR plus 10% margin. Availability is subject to conditions, including a favorable liquidity plan from an independent restructuring expert.
Additionally, Mynaric received a USD 5.5 million milestone payment for manufacturing readiness from a U.S.-based customer. This payment, received on September 26, 2024, was a condition for the loan amendment and will support production of optical communications terminals.
As of October 1, 2024, Mynaric had EUR 7.8 million in cash and cash equivalents, which will be used for operational and working capital needs. The company expects to draw the full bridge loan amount to meet immediate working capital requirements and expenses for a restructuring expert opinion.
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